Financial News
United Airlines' board hatches tax offset plan External Link

United Airlines Holdings Inc. said late Friday that its board of directors has adopted a plan to shield a potential tax offset in case of an ownership change. United said it has reported federal net operating losses, or NOLs, of about $8.2 billion. These NOLs have increased "significantly" in recent months in face of continued steep losses during the pandemic, and can be used to reduce the company's future federal income tax expenses. That ability, however, would be limited if the company were to change ownership, which would occur if the percentage of UAL's stock owned by one or more of some of its largest shareholders increases by more than 50 percentage points over a rolling three-year period. "In light of the volatility and decline in the market price of UAL's common stock resulting from the sharp decline in demand for air travel caused by the COVID-19 pandemic and other macroeconomic factors and in light of potential transactions involving the sale or issuance of UAL common stock, UAL's board of directors determined to adopt the plan to prevent an inadvertent impairment of the Company's NOLs," the company said. The plan will be put to a ratification vote at the company's annual shareholder meeting next year, the airline said. Shares of United were flat in the extended session Friday after ending the regular trading day down 1.3%.

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Fri, 04 Dec 2020 22:36:22 GMT
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Major benchmarks end at records as investors look past weak jobs reportExternal Link

Major stock benchmarks scored a round of records Friday to cap another week of gains for equities as investors looked past a weaker-than-expected jobs report. The Dow Jones Industrial Average, S&P 500, Nasdaq Composite and Russell 2000 each ended at an all-time high, the first simultaneous record finish for the quartet since Jan. 22, 2018. The Dow rose around 249 points or 0.8%, to close near 30,218, according to preliminary figures, while the S&P 500 advanced around 32 points, or 0.9%, to finish near 3,699 and the Nasdaq Composite gained around 87 points, or 0.7%, to 12,464.

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Fri, 04 Dec 2020 21:11:00 GMT
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Georgia's Senate runoff elections spark $315 million in media spending so farExternal Link

Georgia's two U.S. Senate runoff elections have seen a combined total of $315 million in media spending, according to a Friday estimate from AdImpact, an ad-tracking company that previously was known as Advertising Analytics. Some political analysts have predicted up to $1 billion in total campaign outlays due to the two Jan. 5 elections, which will determine whether Republican lawmakers keep control of the Senate and provide a check on the Democratic-run House and incoming Biden administration.

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Fri, 04 Dec 2020 20:38:54 GMT
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Oil futures end higher for the session, gain for the week after OPEC+ decision on outputExternal Link

Oil futures rose on Friday, contributing to a gain for the week. Prices found support after the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, said Thursday that they will pare current production cuts of 7.7 million barrels per day to 7.2 million barrels per day beginning in January. That essentially raises their collective production by 500,000 barrels a day, but the increase is "far less aggressive than initially discussed," said David Madden, market analyst at CMC Markets UK. Before the latest agreement, OPEC+ was scheduled to taper output cuts to 5.8 million barrels a day, which would have lifted production by 1.9 million barrels per day. January West Texas Intermediate crude rose 62 cents, or 1.4%, to settle at $46.26 a barrel on the New York Mercantile Exchange. For the week, prices based on the front month added 1.6%, according to FactSet data.

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Fri, 04 Dec 2020 19:41:20 GMT
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Bill.com stock gains after bullish analyst callExternal Link

Shares of Bill.com Holdings Inc. are up more than 6% in Friday trading after Wolfe Research analyst Darrin Peller initiated coverage of the stock with an outperform rating and $170 price target. "The digitization of B2B [business-to-businsss] payments continues to be among the most underpenetrated and misunderstood opportunities in fintech," he wrote. "As one of the only public pure-plays on this theme, BILL is a rare asset, considering most leading B2B payment companies are either private or bundled within larger firms." Peller said that while Bill.com is a "great company" in his view, the case for its stock is "more nuanced" given that the shares are trading at more than 50 times consensus revenue estimates for the next 12 months. Still, he sees reason for optimism. "The magnitude of revenue growth potential in the medium-term vs consensus skews the risk/reward dramatically upward," Peller wrote. "While our base case calls for revenues to beat consensus by ~10% and ~15% in the next two fiscal years, respectively; we outline a path to 40% and 60%+ beats, with even greater potential in the out year(s)." Bill.com shares have climbed more than 230% so far this year as the S&P 500 has risen 14%.

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Fri, 04 Dec 2020 19:15:41 GMT
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